Positioning Your Brand During Economic Changes
Every sector has been affected by the economic downturn, from products to services. Small companies have had to close their doors and large companies are looking to restructure and reposition themselves to become profitable once again and gain back the trust of a now more skeptical market. Seems grim? It certainly does not have to be. With great challenge comes great opportunity, and as a small business there are many advantages to surviving and succeeding during recession.
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Small businesses are agile and able to move and respond to the times much quicker and more efficiently than larger businesses. The question is where to focus first and what to do as a business owner. Before looking into how to position and rebrand your business and offerings, ensure you have a solid understanding of your primary customer. This does not mean stopping at the surface with general trends such as geographic reach and household income — take the time to understand what your customers face during this time, how they are affected, and how their habits may have shifted.
With this insight, you can reach out to your customer in a much more meaningful way and gain increased awareness of how to position your business to stay relevant. Avoid the common pitfall where the primary customer is not the focus. If you are too general or try to include all potential markets — secondary and tertiary reach — you may lose the focus and therefore the understanding of your core customer. Don't assume you know — ask! Whether through direct conversations, online questionnaires, surveys, or email and blog threads, people share, and that valuable insight will only help your business strategy and direction.
Now look internally to determine the gaps between what you are offering and what the client is experiencing. Are you providing relevant products or services? Does your messaging, packaging, website, and marketing collateral speak to your primary market? Common trends we have identified are that customers are looking for key fundamentals. Does your brand offer integrity and trust? In a marketplace with a high level of skepticism, if trust and transparency are premises throughout your business practices, highlight and communicate that. It matters.
Another common trend is stability and certainty. With companies closing, people are hesitant to engage with the unfamiliar. Share your story, how long you have been in business, and what your growth entails — communicating solid roots with a focus on the future shows you have no plans of disappearing mid-transaction. Finally, a trend across multiple sectors is delivering value. It is not that people always need a bargain basement; customers make decisions with a focus on value and are willing to pay for it. From complimentary gift wrapping to added customer service, additional value lends itself to a lasting brand impression.
The next step is how to communicate your message. Ensure the messaging does not waver from your company's brand platform. If you have always stood for high performance, innovative products, or customer intimacy, there is no need to change who you are. The key is to relate your brand to the current market, highlight the elements of your business that matter to your audience, and build from what has been successful while re-inventing what has not. Once your messages are finalized, be consistent across all channels — phone, web, print. Businesses taking action to stay relevant and connect with their market are poised for success. Engage your customer, understand them, and position your business to respond to their needs, concerns, and habits.